Citibank, N.A., founded in 1812 as City Bank of New York, is the primary U.S. banking subsidiary of Citigroup, a multinational financial services corporation. Operating as First National City Bank of New York for a period, Citibank now maintains branches in 19 countries. Within the U.S., its branches are primarily located in six major metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. The bank provides a range of financial services to individuals and institutions.
In 1901, the International Banking Corporation (IBC) opened offices in London, Shanghai, Calcutta, and other locations.
In 1902, the International Banking Corporation (IBC) opened offices in London, Shanghai, Calcutta, and other locations.
In 1904, the bank contributed to the financing of the Panama Canal.
In 1906, National City held 11% of the U.S. federal government's bank balances.
In 1907, the bank's chairman, Stillman, intervened in the Panic of 1907 alongside J. P. Morgan and George Fisher Baker.
In 1909, James Stillman became the first chairman of the company, which was originally founded in 1812.
In 1910, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti.
In 1911, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti.
In 1915, Citibank lobbied for the United States occupation of Haiti, which began that year.
In 1918, the International Banking Corporation (IBC) became a wholly owned subsidiary and was merged into the bank. The bank also evacuated all employees from Moscow and Petrograd and established a branch in Puerto Rico.
By 1919, the bank became the first U.S. bank to have $1 billion in assets.
On March 9, 1921, there were four national banks in New York City operating branch offices, including National City Bank.
In 1921, Charles E. Mitchell was elected president of the bank.
On December 24, 1927, its headquarters in Buenos Aires, Argentina, were bombed by the Italian anarchist Severino Di Giovanni.
In 1929, Charles E. Mitchell was made chairman of the bank.
By 1930, under Mitchell's leadership, the bank had expanded to 100 branches in 23 countries outside the United States.
In 1933, Charles E. Mitchell resigned as chairman of the bank.
In 1933, the Pecora Commission, a United States Senate committee, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance.
In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government.
In 1952, James Stillman Rockefeller was elected president of the bank.
Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York.
In 1957, the bank began recruiting at Harvard Business School.
In 1958, the bank arranged the financing of the Hollywood film, South Pacific.
In 1959, James Stillman Rockefeller was elected chairman of the bank.
In 1959, the bank's branches in Cuba were nationalized by the new socialist government.
In 1962, the bank shortened its name to First National City Bank.
In 1965, First National City Bank bought Carte Blanche from Hilton Hotels.
In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp".
In 1967, Walter B. Wriston became chairman and chief executive officer of the bank.
In 1967, the bank introduced its First National City Charge Service credit card, known as the "Everything Card", later to become part of MasterCard.
James Stillman Rockefeller served until 1967.
By 1968, the company created its own credit card, known as "The Everything Card".
By 1969, First National City Bank decided that the Everything Card was too costly to promote and joined Master Charge (now MasterCard).
In 1969, the bank had its first African-American director, Franklin A. Thomas.
In 1974, "Citicorp" became the holding company's formal name.
From 1977 to 1987, Citibank unsuccessfully tried to create a separate credit card brand, the Choice Card.
In 1977, First National City was the sponsor of team Tyrrell in Formula 1.
In 1978, First National City Travelers Checks was the sponsor of team Tyrrell in Formula 1.
In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring drivers like Johnny Rutherford and Al Unser, Sr. In 1978, Al Unser won the Indianapolis 500 in the First National City Travelers Checks livery.
As the bank's expansion continued, the Narre Warren-Caroline Springs credit card company was purchased in 1981.
In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25%.
In 1984, John S. Reed was selected as CEO, and Citi became a founding member of the CHAPS clearing house in London.
From 1977 to 1987, Citibank unsuccessfully tried to create a separate credit card brand, the Choice Card.
In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other developing countries.
Citibank became the major sponsor of the North Sydney Bears for the 1992 NSWRL season.
In 1992, Citibank began removing money from customer accounts over an 11-year period, without any notice to the customers.
In 1994, Citibank became the world's biggest card issuer.
In 1998, the General Accounting Office released a report criticizing Citibank for its handling of funds from Raul Salinas de Gortari, brother of the former president of Mexico, Carlos Salinas. The report, "Raul Salinas, Citibank and Alleged Money Laundering", highlighted that Citibank facilitated the transfer of millions of dollars through complex transactions and failed to properly vet Salinas as a client.
In 1999, Citibank was sued for improperly charging late fees on its credit cards.
In 2001, Citibank became a sponsor of the Australian Rugby Union team in a three-year deal.
In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank for $5.8 billion.
In 2003, Citibank ended the electronic account sweeping program that began in 1992, after having removed money from 53,000 customer accounts without notice.
In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of Bryan, Texas.
In 2004, Citibank (Japan) lost its private banking license for allowing yakuza members to conduct complex transactions.
In 2004, Citibank was punished by the Japanese Financial Services Agency for aiding and abetting money laundering by yakuza members. The U.S. did not take any disciplinary action.
In 2005, Citibank became a major sponsor of the Sydney Swans, who play in the Australian Football League.
In 2005, Federated Department Stores, now Macy's, Inc., sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).
Between 2004 and 2006, Immigration Customs Enforcement (ICE) seized nearly $1 million in assets in the United States belonging to Susumu Kajiyama, a Yamaguchi-gumi Goryokai member.
In 2006, the bank entered the Philadelphia market, opening 23 branches in the metropolitan area.
In 2006, the company announced a naming rights sponsorship deal for the new stadium of New York Mets, Citi Field.
On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, representing 8% of its workforce.
On November 4, 2007, Charles Prince resigned from his position as chairman and chief executive of Citigroup, Citibank's parent company, after facing intense pressure from the board due to significant losses linked to subprime lending. Robert Rubin, former U.S. Secretary of the Treasury, succeeded him as chairman, who then appointed Vikram Pandit as the new chief executive.
On November 5, 2007, Citibank announced that it anticipated losses between $8 billion and $11 billion for the fourth quarter of 2007, in addition to the $6.5 billion already lost in the third quarter of 2007, due to the subprime mortgage crisis.
On November 30, 2007, Citibank finalized the sale of its 17 branches in Puerto Rico, along with $1.0 billion in deposits, to Banco Popular.
In 2007, Citigroup reported a $10 billion loss in the fourth quarter following an $18.1 billion write down.
In March 2008, Citibank collaborated with SK Telecom to establish Mobile Money Ventures, aiming to develop mobile banking applications.
In May 2008, Citibank completed a leaseback agreement worth $87.5 million, involving several of its branch locations in New York City.
In July 2008, Citibank Privatkunden AG & Co. KGaA, Citibank's German division, was sold to Crédit Mutuel.
In August 2008, Citibank was mandated to reimburse $14 million to 53,000 customers following a three-year investigation by the California Attorney General. This amount was taken from customer accounts between 1992 and 2003 without notice under an electronic "account sweeping program", along with an additional $4 million for interest and penalties.
On November 23, 2008, Citigroup, the parent of Citibank, received an additional investment of $20 billion from the U.S. Treasury, alongside guarantees for $306 billion in risky assets, adding to an initial investment of $25 billion due to the 2007-2008 financial crisis and losses in subprime mortgage assets.
In 2008, PNC Financial Services acquired National City during the subprime mortgage crisis.
On January 16, 2009, Citigroup announced the separation of Citi Holdings Inc., which contained non-core businesses and higher-risk assets, from Citicorp, allowing Citibank to focus on its core banking operations.
In 2009, Citi Field opened as the new stadium of the New York Mets, sponsored by Citibank.
In 2009, Citibank was "spanked" for failing to update their databases and allowing yakuza to do business with them again after previously being punished in 2004.
In 2009, Citibank was again punished by the Japanese Financial Services Agency for aiding and abetting money laundering by yakuza members. The U.S. did not take any disciplinary action.
On February 22, 2010, Citibank's former German division, previously sold to Crédit Mutuel in July 2008, was officially renamed Targobank.
By 2010, Citibank had fully repaid its loans from the U.S. Treasury, including interest, resulting in a net profit for the U.S. federal government after the bailout investment that began on November 23, 2008.
In 2010, Citibank was among the American banks that processed laundered funds as part of Russian Laundromat.
In June 2011, Mobile Money Ventures, a joint venture between Citibank and SK Telecom created in March 2008 to develop mobile banking apps, was sold to Intuit.
On October 19, 2011, Citigroup, the parent of Citibank, agreed to pay a $285 million civil fraud penalty following accusations by the U.S. Securities and Exchange Commission that the company bet against risky mortgage-related investments that it also sold to clients.
As of 2013, Citibank employed 2,900 people in Sioux Falls, South Dakota, and contributed to the state holding more bank assets than any other state.
In 2013, Citibank closed its Philadelphia locations for "efficiency-driven" reasons.
In 2013, Citibank purchased the credit card portfolio of Best Buy from Capital One.
In 2013, the equivalent value of the money stolen during the 1831 City Bank heist was calculated to be $52 million.
Since its launch in 2013, Citibank has been the main sponsor of New York City's bike-share scheme, Citi Bike.
In September 2014, Citigroup exited the Texas market by selling 41 branches to BB&T, as part of a broader strategy to exit retail banking in 11 markets primarily in Europe and Central America.
In 2014, Citibank was among the American banks that processed laundered funds as part of Russian Laundromat.
In September 2015, Citibank announced it would close its 17 branches in Massachusetts and end its sponsorship of a theater in Boston.
In 2015, Citibank was ordered to provide $770 million in relief to borrowers for illegal credit card practices, affecting about 7 million customer accounts, due to deceptive marketing related to costs, fees, and services.
On April 1, 2016, Citigroup became the exclusive issuer of Costco's branded credit cards.
On December 13, 2016, Columbia University students protested outside the Citibank location on Broadway and 112th Street, in response to the university replacing on-campus Citibank ATMs with ATMs from Santander Bank, a bank that has no ties to the Dakota Access Pipeline.
On March 1, 2017, The Economic Times of India suggested that Citibank might close its 44 branches in India due to the rise of digital transactions, despite the bank being "India's most profitable foreign lender".
On March 20, 2017, The Guardian reported that Citibank was among the American banks that processed laundered funds related to the FSB through the "Russian Laundromat" scheme, handling $37 million between 2010 and 2014.
In March 2018, Citibank announced a new firearms policy, imposing restrictions on financial transactions within the U.S. firearm industry.
In June 2018, Citibank reached a settlement with 42 U.S. states and agreed to pay a $100 million fine due to their manipulation of the London Inter-bank Offered Rate (Libor).
As of September 2020, Citibank's US branches are located in multiple metropolitan areas, with the majority in California.
In April 2021, Citibank declared its exit from consumer banking operations in 13 markets, encompassing countries such as Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
In January 2022, Citi announced its plan to exit consumer banking in Mexico, including Citibanamex, and small-business and middle-market banking operations.
In September 2022, Citi announced its intentions to wind down its retail banking operations in the United Kingdom.
In 2022, Citi announced it may return its retail banking presence to Dallas.
As of 2023, Citibank is the third-largest bank in the United States based on asset size.
In 2023, Citi reported a $1.8 billion loss in the fourth quarter.
In January 2024, Citi reported a $1.8 billion loss for the fourth quarter of 2023 and announced plans to eliminate 20,000 jobs, which is approximately 8% of its workforce.
In 2024, at Citi's investor day, the bank emphasized its Services division, which generates income from "financial pipes".
In March 2025, Citi reached a discrimination settlement, paying out £215,000 to a former employee after she was denied an expected promotion upon returning from maternity leave.
Best Buy is a multinational consumer electronics retailer founded in...
The United States of America is a federal republic located...
California is the most populous US state located on the...
Puerto Rico is a self-governing Caribbean archipelago and island functioning...
India officially the Republic of India is a South Asian...
Japan is an East Asian island country in the Pacific...
24 days ago Simone Biles criticizes Riley Gaines over transgender athlete comments: Controversy erupts.
2 months ago Hurricanes Defeat Capitals in Game 5, Advance; Burns Future Uncertain
Julie Bowen is a critically acclaimed American actress best known for her role as Claire Dunphy in the ABC sitcom...
1 month ago Paul Goldschmidt's MVP Resurgence with Yankees: A New Powerhouse Duo Emerges in MLB
15 days ago Rachel Brosnahan urges actors to own superhero roles, prepares Amanda Seyfried for Superman.
5 days ago Chrisleys Discuss Trump Pardon with Lara Trump After Prison Release: Interview Details
Jupiter is the fifth and largest planet from the Sun...
Candace Owens is an American conservative and far-right political commentator...
A blue moon is defined in several ways most commonly...
Melania Trump is a Slovenian-American former model and the current...
Jeff Bezos is an American businessman renowned as the founder...
Kelley O'Hara is a celebrated American former professional soccer player...